New York — ARCTRUST Private Capital, the capital markets division of the ARCTRUST Group of Cos., has acquired a seven-property, single-tenant net lease portfolio in six states including North Carolina, Alabama, Kentucky, Michigan, Tennessee and Virginia. The portfolio, which spans approximately 51,192 square feet, comprises two Pinnacle Bank locations, three CVS Pharmacy locations and two NAPA Auto Parts. The portfolio features a 13.6 weighted average lease term, with contractual rent increases and renewal options across all properties. Each property operates on an absolute triple-net lease basis. The two Pinnacle Bank …
California, Virginia, Florida and Texas — A joint venture between Bain Capital and 11North Partners has acquired five open-air retail centers for approximately $300 million. The properties total roughly 757,000 square feet and are located in Carlsbad, California; Falls Church, Virginia; Altamonte Springs, Florida; and Sugar Land, Texas. The seller was not disclosed. Anchor tenants of the portfolio include Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with sales from those anchor stores exceeding $900 per square foot. The portfolio, which was more than 93 percent occupied at the time …
Richmond, Va. — Berkeley Capital Advisors has arranged the sale of Tuckernuck Commons, a 93,392-square-foot shopping center located in Richmond. The Richmond, Virginia-based private buyer purchased the property for $12 million. David Webb and Thompson Brown of Berkeley Capital Advisors represented the seller in the transaction. Tuckernuck Commons, which was fully leased at the time of sale, features a mix of tenants including Ollie’s Bargain Outlet, Dollar Tree, Sushi King and Beauty Zone, according to LoopNet Inc. Built in 1986, the property spans nearly 11 acres.
Richmond, Va. — Berkeley Capital Advisors has negotiated the $18.8 million sale of West Broad Commons, a 109,551-square-foot shopping center located in Richmond. Rob Carter, Alex Quarrier and Thompson Brown of Berkeley Capital Advisors represented the seller. The private buyer is based in Maryland. Tenants at the center, which was fully leased at the time of sale, include New Grand Mart, Teppanyaki Grill & Buffett and Empire Beauty School. West Broad Commons spans nearly 12 acres.
Lynchburg, Va. and Owings Mills, Md. — Divaris Real Estate has been selected to provide leasing for two shopping centers located in Virginia and Maryland. Sara Goodall and Sam McCoy of the firm will handle leasing for Lakeside Crossing, a 67,034-square-foot shopping center located in Lynchburg. The Fresh Market anchors the property, which features additional tenants such as Petco, Panera Bread and Chipotle Mexican Grill. James O’Neill and Shadi Ayyoubi will lead leasing efforts for New Town Village, a 116,303-square-foot neighborhood center located within the master-planned community of New Town …
Baltimore and Hillard, Ohio — Continental Realty Corp. has purchased a 14-property shopping center portfolio located across seven states in the Southeast and Midwest. The Baltimore-based firm purchased the more than 2 million-square-foot portfolio from Hillard-based US Properties Group for an undisclosed price. Chris Decoufle and Kevin Hurley of CBRE represented the seller in the off-market transaction. The acquisition grows Continental Realty’s holdings to nearly $5 billion in assets under management and expands its geographic footprint to 16 states, including its entry into Ohio. The portfolio was 93 percent leased at …
St. Augustine, Fla. — St. Augustine, Florida-based specialty retail brand The Spice & Tea Exchange has signed a franchise agreement to open seven new stores across Oklahoma and Virginia. The newly signed agreements include one unit in Guthrie, Oklahoma; two, three-unit development deals in Fredericksburg, Charlottesville and Roanoke, Virginia; and Lexington, plus two additional territories to be announced. These deals build upon the brand’s existing footprint in Sulphur, Oklahoma, and Richmond and Williamsburg, Virginia. Development timelines and projected opening dates for the new locations will be released in the coming …
Virginia Beach, Va. — BIVI/Padel has acquired the former Beach Cinema Alehouse, a dine-in movie theater located at 941 Laskin Road in Virginia Beach, for $6.3 million. The buyers — a partnership between Jason Vickers-Smith and Ahmad Butt — plan to transform the property into an indoor padel facility, dubbed the Padel Foundry, creating a social “third space.” The facility is targeted to open in early 2027. Gerald Divaris and Sezin Cortinas of Divaris Real Estate represented the seller, while Levi Thomson, also of Divaris Real Estate, represented the buyer.
Atlanta — JLL Capital Markets has acquired a 588,000-square-foot portfolio of grocery-anchored retail centers in Georgia, South Carolina, Virginia and New Jersey, for $115 million. The portfolio comprises seven retail properties: Hickory Flat Village in Canton, Georgia; Deshon Plaza in Stone Mountain, Georgia; Flat Shoals Crossing in Decatur, Georgia; Cascade Corners in Atlanta; The Plaza at Carolina Forest in Myrtle Beach, South Carolina; Kroger Plaza in Virginia Beach, Virginia; and Lewandowski Commons in Lyndhurst, New Jersey. The portfolio is 99.6 percent leased and features a mix of grocers including Publix, Kroger …
Virginia Beach, Va. — Lexington, Kentucky-based BC Wood Properties has acquired Fairfield Shopping Center, a 184,106-square-foot shopping center located in Virginia Beach, for $34.9 million. Food Lion and T.J. Maxx anchor the center, which was 93 percent leased at the time of sale. Additional tenants at the property include Burn Boot Camp, Papa John’s Pizza, Ivy Rehab, Jovi Salon, Fairfield Flowers, Truist Bank, Starbucks Coffee and Verizon Wireless. David Webb and Thompson Brown of Berkeley Capital Advisors represented the seller, Charlotte, North Carolina-based Crosland Southeast and an undisclosed joint venture partner, …
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